Epassporte Information (Probable cause)

[Randy West]

I found this on another forum that has nothing to do with adult marketing. This is from the site's administrator:

The reason for this move from Visa is most likely because of the new rules enforced by Treasury Department's Financial Crimes Enforcement Network (FinCEN).

New rules has come in place regarding debit pre paid cards, gift cards and reloadable top up cards. The rules, which were mandated by the Credit CARD Act of 2009, require more data collection and reporting from businesses, and some experts say they could make prepaid card buying a challenge for some consumers.

Starting June 28, the public will have 30 days to comment on the rules, which require nonbank prepaid card providers to:

File suspicious activity reports (SARs) with the government on suspicious activity of more than $2,000. Suspicious Activities Reports are Treasury Department forms already required of banks, casinos, poker rooms, securities and futures firms and others in the money services business. More than 5.6 million have been filed since they were first mandated in 1996 (see chart). The proposed rule would add nonbank card providers to the ranks of those required to file forms with the government when their suspicions are aroused.
Collect customer information anytime a card is reloaded at someplace other than a bank.
Maintain transaction information.

The rule focuses on the following:

Don't have the value clearly labeled on them.
Are reloadable at places other than banks.
Can have a maximum lifetime value of more than $1,000, including reloads.
Can be used anywhere -- especially if they can be used internationally.
Can have the value transferred to another card.
Are purchased in large amounts or seem otherwise suspicious.

Basically this is another terrorists anti-money laundry mumbo jumbo, but for now Epassporte is going to stay closed unless they will be able to comply with the new regulatations that came into force just a bit more than 30 days ago.

[IllTestYourGirls]

Big government is good government.

[k0nr4d]

What exactly does the treasury department have to do with visa international and an offshore bank?

[Randy West]

Originally Posted by k0nr4d

What exactly does the treasury department have to do with visa international and an offshore bank?

Visa is headquartered in the US. Just because they have an international division does not change the fact that it is an American company.

[ContentPimp]

^ People think Epass is American, because it says so on their website

[sperbonzo]

Originally Posted by Randy West

Visa is headquartered in the US. Just because they have an international division does not change the fact that it is an American company.

True. Also true is that VISA is very careful to comply with US laws, as failure to do so would result in VISA, and all of their associated banks in the US, being shut down from doing business in the US. This is something that they don't want to happen, so they comply.



.

[Randy West]

Visa is not a bank, it's a brand and a widely accepted one, hence the reason people use it. If Visa does not think that their brand is being used in a proper manner, they can suspend services. Services meaning that any monies held in that bank in east bum fuck that Epass uses is frozen. Frozen because no ATM will accept it, because it is no longer technically a Visa brand card.

Visa does not have your money, the bank does. You just can not access it via Visa. This company (Epass) needs to start stroking people checks ASAP.

[spacedog]

Well, this means I had to fax my drivers license, etc to prove my identity for nothing.

[Fabien]

What i thought i also ! They have all this infos now and the boat is sinking.
Great, just great...

[Chris]

i kinda think it has to do with the new tax regulations starting in 2011 that forces paypal/epassporte type of companies to 1099

[Randy West]

Hmmm

[Mr. Cool Ice]

Change we can believe in.